TIME magazine releases finalists for 2013 ‘Person of the Year’ award

President Obama was named TIME ‘Person of the Year’ in 2008 and 2012. (Carolyn Kaster/AP)

President Obama and firebrand Republican Sen. Ted Cruz are among the finalists for TIME magazine's celebrated annual "Person of the Year" award, according to a list the publication released Monday.

The 90-year-old magazine, which will hand out the honor Wednesday, revealed the final cut of potential recipients Monday morning on NBC's "Today."

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Also on the list are Syrian President Bashar Assad, Amazon CEO Jeff Bezos, singer Miley Cyrus and Pope Francis.

Miley Cyrus also made the list of finalists. According to TIME managing editor, the title is given to ‘the person who’s had the most impact on events this year for better or for worse.’ (Ian Gavan/Getty Images for MTV)